
AP Macroeconomics Basic Concepts
Quiz
•
Other
•
12th Grade - University
•
Hard
Dalynn Robinson
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40 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The study of macroeconomics refers to
the part of economics that deal with large-scale economic concepts, like interest rates and gross national product
the part of economics that deals with how individuals and business firms allocate scarce resources
economic theory that stresses costs of production and small-business scale decisions
the difference between normative and positive economics
all of the above
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
According to the preceding diagram, the relationship between price and quantity supplied is illustrated by which line?
A
B
C
D
A and B
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Ron wants to buy an Xbox. According to the laws of economics, Ron will buy the Xbox if
the opportunity cost less than the purchase costs
the marginal benefit is greater than the marginal cost
the marginal cost is greater than the marginal benefit
the opportunity cost is equal to the marginal cost
none of the above
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A country is said to have a comparative advantage over another country when which of the following occurs?
it can produce a good at a lower opportunity cost than another country
it can produce a good utilizing fewer resources per unit of output than another country
there is a higher degree of specialization and division of labor compared to another country
when comparing each country's production possibilities frontiers, one country is operating at maxium efficiency and output.
one country's production possibilities frontier is shifted farther to the right compared to another country's production possibilities frontier
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following statements applies only to macroeconomics?
Minimum wage should be increased to give more people disposable income.
New technology will cause shift in demand curve
The demand for cell phones is elastic
Foreign imports and increasing wage demands are contributing to price inflation
The Demand for gasoline is inelastic
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
It is beneficial for two countries to trade only when there is/are
a mutually beneficial trade agreement
increasing returns to scale
decreasing returns to scale
an absolute advantage in production between the two countries
a comparative advantage in production between the two countries
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Any point along the production possibilities curve is
attainable and efficient
attainable yet efficient
unattainable and inefficient
showing that resources are not being utilized to their full potential
none of the above
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